XJO was down marginally today -0.19%. Volume on the ASX remains...

XJO was down marginally today -0.19%. Volume on the ASX remains subdued.



Indicators remain on tentative buy signals. That's still not strong. For example, the Stochastic has risen above its 5-Day MA, but remains below the lower band of the Dynamic Zone Stochastic. RSI has also risen above its 5-Day MA, but not above its down trend line. This still has more to prove.

Financials remain the big stumbling block. XXJ down today -0.54%. Given that XXJ is consolidating at the lows that suggests the bias is to the downside. However, the Sector is at the support of the 200-Day MA and is seriously oversold - so a bounce is due. It will likely be a counter-trend movement.

I'm expecting some sort of bounce here - but in the longer term, the picture is bearish.

RB.